Bond holders get some good news from Ecuador

Calcutta News.Net
Sunday 4th January, 2009

Ecuador's president has said it is possible global bond holders may get back some of their investments.

After last week declaring some bond issues illegitimate, President Rafael Correa has said the Global 2015 series issued in 2005 may be payable because the country wasn't pressured into them.

Ecuador missed a payment on the Global 2015 bonds in December after declaring a default on payments of the Global 2012 bonds.

Correa has said his government will only buy back bonds it considers illegitimate at a steep discount.

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